5 Stocks that Released Solid Quarterly Earnings

In this article, we discuss the 5 stocks that released solid quarterly earnings. If you want to read our detailed analysis of these companies, go directly to the 10 Stocks that Released Solid Quarterly Earnings.

5. Opendoor Technologies Inc. (NASDAQ: OPEN)

Number of Hedge Fund Holders: 33

Shares of Opendoor Technologies Inc. (NASDAQ: OPEN) jumped nearly 20 percent after announcing a narrower than expected quarterly loss. The home-selling platform reported a loss of 24 cents per share for the three months ended June 30, significantly lower than a loss of 66 cents per share in the year-ago quarter.

Revenue came in at $1.2 billion, compared to $739.8 million in the same period last year. Analysts, on average, were expecting Opendoor to report a loss of 34 cents per share on $1.1 billion in revenues. Analysts surveyed by FactSet had forecast a loss of 34 cents a share on revenue of $1.1 billion.

Opendoor sold 3,481 homes in the quarter, translating to a quarter-over-quarter surge of 41 percent. On the buying front, the company acquired 8,494 homes, representing a sequential jump of 136 percent.

The company also released its financial guidance for the third quarter. Opendoor is expecting adjusted EBITDA in the range of $15-$25 million and revenue between $1.8-$1.9 billion for the current quarter.

4. Coherent, Inc. (NASDAQ: COHR)

Number of Hedge Fund Holders: 41

Coherent, Inc. (NASDAQ: COHR) on Wednesday announced solid financial results for the third quarter ended July 3. The supplier of lasers and photonics technology earned $1.22 per share, compared to a loss of 36 cents per share in the year-ago quarter.

On an adjusted basis, the company reported earnings of $1.81 per share, ahead of the consensus forecast of $1.71 per share. Revenue came in at $395.76 million, up from $298.33 million in the same period last year.

CEO Andy Mattes expressed his satisfaction with the results. Mattes said:

“We’re pleased to have delivered another quarter of strong financial results with growth sequentially and year over year. In our fiscal third quarter, we grew bookings, revenue, non-GAAP margins and EPS and our book-to-bill was greater than one. In the MicroElectronics end market, we saw broad strength across all sub-markets, Precision Manufacturing orders were also strong, primarily with applications for medical device manufacturing and life science demand continues to keep Instrumentation orders at near record highs.”

3. Unity Software Inc. (NYSE: U)

Number of Hedge Fund Holders: 39

Unity Software Inc. (NYSE: U), founded in 2004, operates a leading videogame development platform. The company offers a suite of advanced software tools, helping developers create video games. The gaming engine company recently announced better-than-expected financial results for the second quarter, mainly driven by the addition of new customers.

Shares of Unity Software jumped more than 14 percent after reporting a loss of 2 cents per share, narrower than a loss of 9 cents per share in the year-ago quarter. Revenue for the quarter climbed 48 percent on a year-over-year basis to $273.6 million. Analysts were looking for a loss of 11 cents per share and revenue of $242.3 million for the quarter.

Unity Software also raised its sales outlook for fiscal 2021. The company expects revenue in the range of $1.05 billion to $1.06 billion for the full year, compared to its earlier guidance between $1 billion and $1.02 billion. The updated forecast is better than analysts’ average estimate of $1.01 billion.

2. Sysco Corporation (NYSE: SYY)

Number of Hedge Fund Holders: 42

Sysco Corporation (NYSE: SYY) recently came into the limelight after announcing impressive quarterly results, helped by strong demand for its food products. The company reported earnings of 29 cents per share for the fourth quarter ended July 3, compared to a loss of $1.22 per share in the year-ago quarter.

On an adjusted basis, Sysco earned 71 cents per share, ahead of the consensus forecast of 60 cents per share. In addition, revenue for the quarter soared 82 percent on a year-over-year basis to $16.1 billion, exceeding analysts’ average estimate of $14.66 billion.

If we look at the region-wise sales performance, revenue from the U.S. foodservice operations increased more than 88 percent to $11.5 billion. In comparison, revenue from the international foodservice operations rose 83.4 percent to $2.5 billion.

Discussing the results, CEO Kevin Hourican said, “Sysco’s fourth-quarter results were strong, reflecting market share gains and industry demand that has continued to rebound earlier and stronger than expected.

1. eBay Inc. (NASDAQ: EBAY)

Number of Hedge Fund Holders: 51

eBay Inc. (NASDAQ: EBAY) announced better-than-expected profit and sales for the second quarter ended June 30.

On an adjusted basis, the company earned 99 cents per share, surpassing the consensus forecast of 96 cents per share. Revenue for the quarter increased 14 percent on a year-over-year basis to $2.67 billion, ahead of analysts’ average estimate of $2.63 billion.

Commenting on the quarter, CEO Jamie Iannone said:

“Today I am pleased to announce another strong quarter. In Q2, on an apples-to-apples basis, all key business metrics met or exceeded expectations and revenue growth was driven by the acceleration in our payments migration and growth in advertising.”

eBay also issued its financial outlook for the third quarter. It expects adjusted earnings in the range of 86 cents per share to 90 cents per share and revenue between $2.42 billion and $2.47 billion for the current quarter.

You can also take a peek at Unknown Billionaire Phill Gross’ Top 10 Stock Picks and Top 10 High Growth Stocks To Buy in 2021.

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